BENGALURU: The revision in guidance value for properties from Oct 1 last year coupled by the increase in duty for non-registrable documents has enabled the Karnataka Stamps and Registration department touch an all-time high in revenue collection for the financial year 2023-2024. A whopping Rs 20,287.3 crore was the total revenue collected by its 256 sub registrar offices across the State, the highest in its 150-plus years of existence.
Data shared by the department reveals that the previous highest in terms of revenue was during 2022-2023 when Rs 17,873.97 crore was collected.
An official told TNIE, “As has been the norm, Bengaluru contributes 60% of this revenue with Rs 13,016.88 crore collected by the five districts demarcated by the Registration department for the City - Shivaji Nagar, Gandhi Nagar, Jayanagar, Basavanagudi and Rajajinagar districts.
Indira Nagar and Basavanagudi Sub-Registrar offices occupy the top two posts in the State in terms of revenue collection.” Of the 35 districts demarced by the department across the State, Bengaluru Urban stands second in terms of revenue collection at Rs 1260.07 crore.
The increase in the guidance value effected since October 1 is the primary reason for it. resulted in an increase in collection of Stamp Duty which is 5% of the property value and the registration fee (1% of the property value), added another official.
Moreover after a gap of 28 years, the State government also effected a stamp duty hike by 200% to 500% this year (2024) in non-registrable items like legal documents for adoption, employee contracts, affidavits, loans, share transfers, divorce papers, power of attorney as well as rental or lease agreements.
The Karnataka Stamp Act 1957 was amended as the Karnataka Stamp (Amednemnt Act) 2023. The biggest revenue generator for the fiscal 2023-24 is regn of sale deeds. It fetched the department Rs 15,938.87 crores in revenue.